Page | 1
NSAR Salesperson Licensing Course
Questions with Detailed Verified
Answers
Question: Subjective Value
Answer: the perception of value in the minds of the buyer and seller
Question:
Objective Value
Answer: related to the direct cost of creating (e.g. acquiring a lot and building
a home)
Question:
Types of value found in the Canadian Economy
, Page | 2
Answer: -insurable; book
-appraised
-salvage
-assessed
-liquidation
-loan
-sentimental
Question:
Three approaches that appraisers use to establish an estimate of value
Answer: -cost approach (actual cost)
-income approach (subjective value)
-direct comparison approach (subjective value)
Question:
market price
Answer: the price for an individual property
Question:
market value (aka value in exchange)
, Page | 3
Answer: an estimate of value arising from many sales (market prices)
Question:
Definition of Market Value
Answer: The most probable price, as of a specified date, in cash, or in terms
equivalent to cash or in other precisely revealed terms, for which the specified
property rights should sell after reasonable exposure in a competitive market
under all conditions requisite to a fair-sale, with the buyer and seller each
acting prudently, knowledgeably, and for self-interest, and assuming that
neither is under undue duress.
Question:
What brokerage should you join after you pass this exam? Let's chat!
Answer: Instagram: @laurahalifaxrealtor
Facebook: Laura Sumarah
Text: 902 210 9876
Question:
The 4 assumptions of market value
, Page | 4
Answer: 1) reasonable time
2) no undue pressure
3) prudent behaviour
4) informed buyer and seller
Question:
15 Principles of Value
NSAR Salesperson Licensing Course
Questions with Detailed Verified
Answers
Question: Subjective Value
Answer: the perception of value in the minds of the buyer and seller
Question:
Objective Value
Answer: related to the direct cost of creating (e.g. acquiring a lot and building
a home)
Question:
Types of value found in the Canadian Economy
, Page | 2
Answer: -insurable; book
-appraised
-salvage
-assessed
-liquidation
-loan
-sentimental
Question:
Three approaches that appraisers use to establish an estimate of value
Answer: -cost approach (actual cost)
-income approach (subjective value)
-direct comparison approach (subjective value)
Question:
market price
Answer: the price for an individual property
Question:
market value (aka value in exchange)
, Page | 3
Answer: an estimate of value arising from many sales (market prices)
Question:
Definition of Market Value
Answer: The most probable price, as of a specified date, in cash, or in terms
equivalent to cash or in other precisely revealed terms, for which the specified
property rights should sell after reasonable exposure in a competitive market
under all conditions requisite to a fair-sale, with the buyer and seller each
acting prudently, knowledgeably, and for self-interest, and assuming that
neither is under undue duress.
Question:
What brokerage should you join after you pass this exam? Let's chat!
Answer: Instagram: @laurahalifaxrealtor
Facebook: Laura Sumarah
Text: 902 210 9876
Question:
The 4 assumptions of market value
, Page | 4
Answer: 1) reasonable time
2) no undue pressure
3) prudent behaviour
4) informed buyer and seller
Question:
15 Principles of Value
